Looking for help with Entities

[Robert Leitner]

I had a prior CPA set up my LLC and they also made it an s-corp. New CPA is telling me to dissolve it, don't need it, costs me more than it's worth. My own research is leading me to believe I don't want an s-corp tax status, but it's also sending me down a rabbit hole of land trusts, out of state LLC's, how many to have, etc. Talking to a company that is specific to tax, legal, and entities for REI has gotten me an estimate of $20k for a complete package, which I'm fairly certain I don't need for my 4 properties. Are there any recommendations from investors that have used someone that will look at my individual circumstance (live in San Diego, properties in Phoenix) and can help me out? Thanks in advance :)

[Justin R.]

@Robert Leitner First, sorry you found yourself in the rabbit hole.  If you and I were sitting down for coffee, I'd suggest what you should do.  Trying to do so in a forum is a fool's errand.  Here's what I'd say:

There's a big difference between data, information, knowledge, and wisdom.  Searching online generally gives us information, which really isn't helpful unless we already have the experience and intellectual context to turn that information into knowledge -- to understand it.  But, to act with confidence what we really need is wisdom -- an element of judgement to separate what *can* be done to what *should* be done.

I say this because earning commas and letters after your name means you've attained information and knowledge about an area.  It doesn't mean you have the wisdom -- the judgement -- to apply or advise.  Your situation, if that's all you have going on, is simple.  You've got a couple choices:

1. Become wise on this topic yourself.  Start by listening to 100+ episodes of this podcast, amongst others.

2. Find someone who is wise on it already.  Start by looking for someone successful doing the same stuff you're doing, and try to siphon their wisdom.  This is often the most productive path to take -- just walk in the footsteps of giants.

3. Pay someone for their wisdom, not their knowledge.  Start by finding a person who you know has the experience to make sound judgements on the topic.  THEN pay them for advice.  Just because someone is in the business of selling advice doesn't mean you should buy it from them.

And, since you asked for a recommendation on path #3, I would direct friends here for affordable professional advice in your situation.  GL.